Mortgage renewals can either be a nightmare or a dream come true, depending on which lender you work with and what the market is doing at the time of the renewal. Many homeowners, especially those new to the scene, make the mistake of not capitalizing on significant rate drops. If you have the opportunity to refinance to a lower, fixed-rate mortgage, it is usually in your best interest to do so. 1-2% may not equate to huge savings in the short-term, but the results are drastic over decades. You deserve to get the most out of your investment; by adhering to the following tips, you stand a great chance of saving thousands down the road! Handling your mortgage renewal the right way Start planning for the renewal at least four months in advance You want to give yourself plenty of time to research every available lender and product. While this…

Are you thinking of buying or refinancing a home this year? Then listen up. Having a firm grasp on the housing market and where APRs are headed is crucial, unless of course you want to spend a lot more in interest. Unfortunately, this is likely to be the case for new and current Canadian homeowners; there has recently been a lot of talk concerning whether the National Bank is planning to increase mortgage rates across the board, with a number of economists predicting prime to possibly move up by the end of 2016. Most of these experts concur the Canadian housing market rate hike will likely not peak until the third quarter. While this may not be a concern for borrowers locked into fixed rates loans, those with variable APRs are at the mercy of the market, and thus rightfully concerned. However, there are others like Scotiabank Economics and Capital…

For most people, holiday spending is a straight shot to financial disaster. Aside from not setting budgets, the number one problem is the method being used for purchases. Whereas the use of cash or a debit card takes away from a person’s immediate disposable income, credit card work in the opposite way. The lure of getting something now in exchange for delaying to pay in full is also too often a fatal attraction. The credit card formula would not be complete without that special term known all over the world as interest. Sure, swiping plastic through a machine is extremely easy, but so too is maxing out your balance. Millions of consumers get into trouble with running high utilization rates (IE the amount of credit used vs. the amount available) during the holiday season, a problem that has been exacerbated by events such as Black Friday and Cyber Monday. Depending…

If you are a soon-to-be first time homebuyer, congratulations! This is a memorable event; one that many people long to achieve. Owning a home provides an endless amount of advantages over renting, perhaps the most important of all being that your money is actually being invested in something. When paying rent you never see a return, but the exact opposite is true for those who make the switch to home ownership. Unless the housing market tanks when you need to sell, you can always expect at the very least a slight increase in your property value. Equity is something to be cherished, but with this exciting new life venture comes a major responsibility, one that comes in the form of a mortgage. Committing to a 15, 20, or 30 year, six-figure loan (the average price most first time buyers pay) is no small matter, and as such requires a ton…

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